Real Estate in Colorado Springs February 2021 shows that our supply is better measured in days than even weeks right now, as almost every home that gets listed, is scooped up almost immediately. Often with multiple offers and above the asking price in many price ranges.
The inventory remains critically low, at only 471 homes for sale in the entire Pikes Peak Region (one of the lowest numbers we have ever seen!). How tight is the inventory? As of this morning, there were only 180 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 74 were under $400k. Last year on March 1st we had 1,114 homes for sale compared to the 471 homes for sale today.
Prices continue to see double digit increases (year over year) due to the high demand and lack of supply. The median price finally broke the $400k threshold. Up until last month, the median had remained below $400,000. The median price was $403,000 which is up 18.2% from last year. The average price increased 17.6% to $454,900.
Home sales were down slightly at 0.41% from last February at 981 homes sold. Pending sales are sitting at 1,867 homes as of March 1st.
With every problem comes an opportunity, and here is YOUR chance to cash in if you own a home right now. We also have programs where you can buy first and sell after, essentially eliminating the uncertainty of making your next move.
To see more detailed information on the Real Estate Stats for Colorado Springs, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling! We would be honored to help you in your home buying or selling journey!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360